What A Difference A Vendor Makes: Determining Your Critical Vendors
What makes a critical vendor different from other vendors? The importance of properly determining your critical vendors is a key factor in your vendor management program. It maps out how you proceed in the vendor management process, with due diligence, monitoring and annual reviews. Knowing what questions to ask is at the forefront. Likewise, identifying who is a critical vendor, how many different types of vendors you should have and the criteria to determine the criticality of vendors is paramount to a successful vendor management program. This webinar will discuss:
- How to determine inherent risk and vendor classifications
- Considerations when risk rating your vendors, from NPPI, GLBA
- Differences in the guidance by federal regulators including OCC, FRB, FDIC, and NCUA
- What ‘critical vendor’ looks like in a post-Equifax breach realm
Join us as we address critical vendors and the role increased vendor risk plays in the financial institution.